Nifty spot opened at 8456.65 , made a high of 8460.60 , then went down till 8284.95 before closing at 8296.30 . Had mentioned that long positions can be taken above 8552 and short positions can be taken below 8500 for the day . Nifty opened with a gap down and did not give a good entry as per the daily levels. As per our weekly levels we got a good entry on Friday near 8400 levels as Nifty weekly short trade levels got triggered and nearly completed all the weekly targets giving around 150 points . As long as Nifty is closing below 8561 on closing there will always be a chance for a correction as it is still below our monthly levels to stay short . Bank Nifty is trading much stronger and has not only broken out of its stay short levels for the month on Monday itself but it also trading well above it . Bank Nifty could not close above 19840 levels above which we needed a consecutive close to stay long and closed near the days low . Nifty has tested our yearly support levels of 8050 - 8250 last week . Had mentioned in the previous post ' Now incase Nifty closes or sustains below 8362 then we may see a test of 8250 levels . Holding the same we can see a retest of 8561 levels below which the downtrend for this month got confirmed with some resistance at 8500 - 8515 levels'. Nifty can retest 8000 levels again on sustaining / closing below 8250. Those who are holding positional longs from near 8000 - 8050 levels entered last week or those who are looking to enter on a correction this week should keep a strict CBSL of 7895 spot for their positions .
For the month of November we can expect uptrend in Nifty spot on a consecutive closing above 8691 and downtrend on a consecutive closing below 8561 .
For today if Nifty spot sustains above 8333 we can see a initial move upto 8371 & on sustaining above 8381 we may see further upmove till 8450. Similarly if Nifty spot sustains below 8260 we may see a initial move on the downside upto 8222 & on sustaining below 8212 we may see a further downmove till 8143
Nifty Spot Levels for the day are
Long above 8333 for 8355 - 8381 - 8450 , SL 8285
Short below 8260 for 8238 - 8212 - 8143 , SL 8308
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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.